Using the logarithmic chart, I realized that all the corrections on ETH have a common pattern: the double bottom before starting a new bullish movement. That's why I want to observe a bearish movement towards the support zone at 1800.00
If that happens, I will assume that the price has reached the main target of the bearish movement, and from there, I can start thinking about bullish opportunities. In the meantime, I will avoid developing setups.
The setup I will be looking for should happen on the following sequence:
*The price reached the support level at 1800.
*The price breaks the descending trendline.
*The price makes a consolidation.
If all those things happen, I will trade on a new local high as a long-term position. But until I see that, many things should happen, that's why I keep waiting.
Thanks for reading; feel free to share your view in the comments.
If that happens, I will assume that the price has reached the main target of the bearish movement, and from there, I can start thinking about bullish opportunities. In the meantime, I will avoid developing setups.
The setup I will be looking for should happen on the following sequence:
*The price reached the support level at 1800.
*The price breaks the descending trendline.
*The price makes a consolidation.
If all those things happen, I will trade on a new local high as a long-term position. But until I see that, many things should happen, that's why I keep waiting.
Thanks for reading; feel free to share your view in the comments.